Asian stocks mixed on banking concerns
Asia-Pacific markets were mixed as banking concerns flared up on Wall Street. The three major US indices suffered a four-day streak. Regional bank shares were sold, the SPDR S&P Regional Bank ETF (KRE) fell more than 5 percent, and some banks were trading volatile.
In Australia, the S&P/ASX 200 erased its previous losses and rose 0.29%. Investors digested the central bank’s monetary policy statement on negotiations when the Reserve Bank of Australia unexpectedly raised interest rates by 25 basis points to 3.85 percent.
Hong Kong’s Hang Seng index rose 0.59%, leading gains in the region. In Mainland China, the Shanghai Composite Index fell 0.71% and the Shenzhen Component Index fell 1.08 percent.
China’s April Caixin services purchasing managers index fell to 56.4 from 57.8 in March, but continued to expand as the Caixin manufacturing PMI fell into contractionary territory.
Markets in Japan and South Korea were closed for a holiday.